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Mr. Webb said that we owe a vote of thanks to Mr. Burden as Chairman of the Board of Regents Investment Policy Committee for its guidance in the handling of the Institution's investment funds.
 
Mr. Wheeler summarized and highlighted for the Board of Regents the financial report and pointed out that since the previous Regents' meeting the Office of Management and Budget (OMB) had reviewed our FY 1974 Federal appropriation request and allowed us to request from Congress a total of $56,438,000 for operations, an increase of $4,805,000 (9%) over actual FY 1973 -- only one-third of our original request. Basic science cuts seem to be occurring across the board among agency budgets this year and the Smithsonian has similarly suffered a sharp cut in our request for science programs. This presents a particularly difficult problem for our Astrophysical Observatory at a time when our new and distinguished Smithsonian Astrophysical Observatory Director will be reporting for duty. OMB did allow however important increases for the new Air and Space Museum, the Bicentennial Program, and improved protection and custodial activities. No provision was included at this time for the January 1973 Federal pay boost, but a supplemental request may be made later. The small $65,000 increase allowed for the Smithsonian Science Information Exchange will mean a continuing financial squeeze for that organization.
 
The $9,000,000 OMB allowance for the Excess Foreign Currency Program, if approved by Congress, would allow $4,000,000 for the preservation of archaeological monuments in Nubia as well as a $1,500,000 increase in this regular grant program.